0343 GMT February 18, 2020
Keramat Behbahani referred to the selection of contractor for the oilfield’s development project, saying that “according to a reached agreement, China National Petroleum Corporation (CNPC) will develop the second phase of the field”, Mehr News Agency reported.
Highlighting the introduction of some investment opportunities in the Persian Gulf and the West Karun, Behbahani asserted “at Tehran’s Oil and Energy Conference held in October, the development projects of several Iranian oilfields including North Azadegan were introduced to foreign companies and investors.”
“Although new Iranian Petroleum Contracts (IPC) appear to be more attractive than buyback contracts, the evaluation of any type of contract will be possible only with the passage of time after its implementation,” he underlined.
North Azadegan Oilfield is located about 120 kilometers west of southern city of Ahwaz on the margin of Iran-Iraq border and by the operation of the first phase of the project, oil production is envisaged to reach 75,000 barrels per day.
In addition, the production is expected to double by the implementation of the second phase of the development project giving a total of 150 thousand barrels per day.
National Iranian Oil Company (NIOC) is hopeful that the country’s crude production would hit 5.7 m/bpd in future.